Lowdown on TurnkeysLowdown on Turnkeys
We've been hearing a lot lately about two companies that offer what they describe as turnkey solutions for administering foundations. And we've been wondering how lawyers who advise foundations view them. Foundation Source of Norwalk, Conn., started in April 2000, now manages administrative and compliance work for 52 foundations, with about $50 million in assets, and plans to expand to up to $250
June 1, 2003
Rorie M. Sherman Editor in Chief
We've been hearing a lot lately about two companies that offer what they describe as turnkey solutions for administering foundations. And we've been wondering how lawyers who advise foundations view them.
Foundation Source of Norwalk, Conn., started in April 2000, now manages administrative and compliance work for 52 foundations, with about $50 million in assets, and plans to expand to up to $250 million over the next few years, according to the company. The company says applications are pending for another 50 foundations worth $100 million. Fidelity Investment's Private Foundation Services, launched in November 2002 out of Boston, won't disclose figures about its assets. Both companies operate Web sites th...
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